Cryptocurrency trading app with investment bot iEarn Bot has been accused of scamming investors, following reports that the app stole people’s funds.
The possible scam, revealed by the BBC, may have sparked one of the biggest schemes in the cryptocurrency market in several countries. According to the report, experts investigating the application indicate that thousands of people trusted the scheme.
As investor interest in the crypto market grows, scams are taking the opportunity to prey on the unwary.
Alleged cryptocurrency investment robot claims to be collaborating with Binance, Huobi and other well-known platforms
Upon entering the iEarn Bot page, investors are promised quick profits in the cryptocurrency market. With supposedly automated operations, the service offers levels of profitability for various robots.
Furthermore, the product page indicates that iEarn cooperates with well-known exchanges and cryptocurrency wallets. Among them are Binance, Huobi, Kucoin, MetaMask, among others.
In one of the robots consulted by Livecoins, the service promises an 18% profit in 24 hours. That is, R$1,000 could turn into R$1,180 in just one day according to the possible scam, an offer that is suspicious to say the least.
But one of the investors in the scheme in Romania told the BBC she trusted the robot for 30 days when she asked to withdraw her money. At that point, the service said it would need to perform maintenance on the system and stopped doing it.
The application even reset the customer’s account, indicating that the withdrawal was released, but nothing fell on her account. One of the portfolios consulted by specialists detected a movement of more than 1 million euros.
In addition to Romania, the scam gained customers in several countries, such as Colombia and Nigeria, where cryptocurrency adoption has increased.
Investment robot scam
Brazil also registered a similar case of a cryptocurrency robot scam, Data AI, which received several lawsuits.
With promises of quick profits, the fake robot also claimed to be collaborating with major cryptocurrency companies, but never proved any operations. The leader of the scheme in Brazil has been named in several court cases.
Cases show that scams using investment robots, mainly in cryptocurrencies, put people’s money at risk. This is because after capturing values, fake platforms fail to release values to investors, make excuses and end support.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
